A BRIEF INTRODUCTION TO CONTRACT AND ITS TYPES

AUTHOR – DHIVYALAKSHMI T, STUDENT AT GOVERNMENT LAW COLLEGE, COIMBATORE

Best Citation – DHIVYALAKSHMI T, A BRIEF INTRODUCTION TO CONTRACT AND ITS TYPES, ILE CONTRACT LAW REVIEW (ILE CLR), 1 (1) of 2023, Pg. 1-7, APIS – 3920 – 0030 | ISBN – 978-81-961791-2-0.

Abstract

Contracts are legally binding agreements between two or more parties that outline the rights, obligations, and responsibilities of each party involved. They serve as a framework for conducting business and personal transactions, ensuring clarity and enforceability. Contracts provide a sense of certainty and protection. By clearly defining the terms and conditions of an agreement, contracts reduce the risk of misunderstandings and disputes, ensuring that all parties are on the same page. Contracts establish legal rights and obligations. They outline the expectations of each party, setting forth the actions and performances required to fulfill the agreement. This promotes accountability and allows parties to seek legal remedies in case of breach or non-compliance. Furthermore, contracts help manage risks and allocate responsibilities. They address potential contingencies and liabilities, providing a framework for addressing unforeseen circumstances that may arise during the course of the agreement. Additionally, contracts contribute to building trust and maintaining healthy relationships. By formalizing agreements in writing, contracts foster transparency, demonstrate commitment, and create a sense of professionalism and reliability.

Keywords: Contract, Types of Contracts, Indian Contract Law, 1872, Breach of contract